The Sanaga iron ore prospect within the Palaeoproterozoic Nyong Series in Cameroon is a magnetite‐dominated iron ore deposit hosted within granodioritic gneisses with an estimated resource of 82.9 Mt @ 32.1% Fe. The main ore mineral being magnetite, provides an opportunity to study the magnetite texture and iron‐oxygen isotope composition of the mineralization, which has heretofore not been reported. These offer insights into the nature and condition of formation of the mineralization thereby paving the way for better understanding the genesis and evolution of the mineralization as well as classifying it. The mineralization is characterized by Type I and Type II magnetite varieties based on their textural features. Type I magnetite is the dominant magnetite and is characterized by ilmenite oxy‐exsolution features with triple junction contacts, while Type II magnetite lacks these features. The presence of ilmenite oxy‐exsolution features in the Type I magnetite indicates a primary magmatic formation of the magnetite followed by re‐equilibration of primary Ti‐rich magnetite in the presence of a high‐temperature fluid. Oxygen isotope (δ18O) values for the magnetite range from +2.89% to 9.30‰ indicating precipitation from evolved ore‐forming fluids through reaction with country rocks. The iron isotope (δ56Fe) of the magnetite shows little variation, with positive values ranging from +0.49–0.66‰. These values plot within the magmatic and magmatic‐hydrothermal magnetite fields when compared to the published global range of δ56Fe values for different deposit types. A similar result is obtained by plotting the coupled Fe–O isotope pair, further buttressing the magmatic‐hydrothermal origin of the mineralization. Based on these data, the Sanaga iron mineralization is best explained as a magmatic‐hydrothermal deposit.